Greenbacker Renewable Energy Company, which invests in renewable energy assets, announced that it recently completed the construction of its 20-MWac Midway III solar PV project located in Imperial County, California. Greenbacker purchased this project from Solar Frontier Americas Holdings in December 2017 and began construction in January 2018. This project represents the largest solar project constructed by Greenbacker to date, and has been completed on budget and ahead of schedule. Midway III sells all generated power to San Diego Gas & Electric Company through a 20-year fixed-price power purchase agreement.
“When we announced the purchase of this pre-construction project from Solar Frontier last year, we estimated that it would take until October 2018 to complete. We are pleased to announce that due to the dedication of our technical asset management staff and the great work of our construction partners, Solar Frontier and McCarthy Building Companies, Inc., we were able to complete the commissioning of the project a month ahead of schedule, with the plant reaching commercial operation under its PPA on September 6, 2018. The company continues to demonstrate an ability to successfully execute a wide variety of transactions, including the purchase of construction-ready projects, as well as operating assets,” said Charles Wheeler, CEO of Greenbacker.
As part of the transaction, Greenbacker built upon on its relationship with KeyBank N.A. by entering into a term loan back-leverage facility for Midway III. In addition, the company also arranged tax equity financing from PNC Bank. Both transactions closed on September 28, 2018.
News item from Greenbacker Renewable Energy Company